PayPay's US IPO Prices Below Target at $16 Per Share
SoftBank-backed PayPay raises $880M in its US IPO but settles for a price below its targeted range.
PayPay just went public in the US — but not at the price it wanted.
The SoftBank-backed company priced its IPO at $16 per share, landing below its targeted range of $17 to $20. The offering raised $880 million and pegged the company's valuation at $10.7 billion.
That's a significant haircut from expectations. Pricing below range usually signals tepid investor appetite, which isn't exactly the warm welcome any company wants on debut day.
Still, nearly $900 million is nothing to scoff at. The $10.7 billion valuation puts PayPay firmly in large-cap territory, even if it didn't hit the upper end of what it was gunning for.
For SoftBank, it's another portfolio company hitting public markets — though the discounted pricing adds a slight asterisk to the milestone.